RNS Number : 0499A
City Pub Group PLC (The)
21 September 2022
 

The City Pub Group PLC
(the "City Pub Group", the "Company" or the "Group")

 INTERIM RESULTS FOR THE 26 WEEK PERIOD ENDED 26 JUNE 2022

The City Pub Group is pleased to announce its unaudited results for the six month period to 26 June, 2022. The Group operates a predominately freehold estate of 40 trading pubs.

Since the last statement in June, the business has strengthened its financial position and trading has returned to pre-Covid levels albeit with a rising cost burden. Net debt is very low delivering one of the lowest levels of gearing in the sector. This will allow the Group to take advantage of the opportunities that will arise from these most challenging times, when appropriate.

In the meantime, further efficiencies have helped to mitigate inflationary and other cost pressures. The Company is well placed with a strong platform from which to develop and grow in due course.

H1 update

·     

Trading on an upward trajectory: revenue of £26.1 million (H1 2021: £8.9 million)

 

·     

Pre-IFRS16 adjusted EBITDA* of £3.4 million (H1 2021: (£0.0) million)

 

·     

Adjusted profit / (loss) before tax** of £1.3 million (H1 2021: (£2.0) million)

 

·     

Opened new sites The Oyster House in Mumbles, Damson and Wilde in Bury St Edmunds and The Tivoli in Cambridge.

 * Pre-IFRS16 Adjusted earnings before exceptional items, share option charge, interest, taxation, depreciation and amortisation.
** Pre-IFRS16 Adjusted profit / (loss) before tax is the profit / (loss) before tax, share option charge and exceptional items.

Share buy back

·     

Intention to commence a share buyback of up to £3m over the next 12 months.

 

Current trading and Outlook

·     

Trading across the summer since the half year end has remained positive and following the Government's announcement of the Energy Price Cap we anticipate that trading will remain resilient for the rest of the year

 

·     

In the face of macroeconomic challenges, the focus currently is on the existing estate, albeit with intention to purchase further shares in the Mosaic Pub and Dining Group (currently have a 37% stake) to give control in 2023.

 

Clive Watson, Chairman of City Pub Group said:

"Trading volumes, as anticipated, have returned to pre Covid levels and are holding up in a very challenging cost environment. Inflation continues to impact our business.

The disposal of 6 pubs in April for £17m has put the Company in an even stronger position with very low net debt and what we believe is amongst the lowest gearing in the sector, however we continue to urge the Government to do more for hospitality particularly on business rates and providing 2-3 year visas to alleviate the labour shortages.

City Pub Group is a dynamic business which benefits from having a wonderful estate of high-quality freehold pubs. From our position of strength, we will adopt an entrepreneurial approach to retailing and embrace technology. We will continue to run our existing business ever more efficiently, our current focus, before turning our attention to building the Company by acquisition when the time is right. "

21 September 2022

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with the Company's obligations under Article 17 of MAR.                                                                                                  

Enquiries:

City Pub Group                                  
Clive Watson, Executive Chairman

Holly Elliott, CFO

 

Today: via Instinctif

Instinctif Partners                               

Matthew Smallwood

 

+44 (0) 20 7457 2020

Liberum (Nomad & Joint Broker)

Chris Clarke

Edward Thomas

 

+44 (0) 20 3100 2000

Peel Hunt (Joint broker)

George Sellar

Andrew Clark

+44 (0)78 9520 5644

For further information on City Pub Group pubs visit www.citypubcompany.com

CHAIRMAN'S STATEMENT

 

Since my last update at the AGM in June, the Company has strengthened its position. Sales are continuing to improve; debt remains at a very low level and operational efficiencies continue to be delivered and further savings sought. The impact of Omicron at the beginning of the period seems like a long time ago, and consumer confidence with regard to visiting pubs has returned to pre-Covid levels.

For the first 37 weeks of the year trading has returned to 2019 levels despite reduced trading hours and in some cases, lessened food offers and the recent and on-going train strikes.

Due to the large number of freeholds in the estate, the Company has strong asset backing and high operating margins, which gives us some protection from the impact of the increased costs in food, energy and labour that the sector is experiencing. The Company benefits from the some of the lowest levels of gearing in the sector.

In light of the current and near term macroeconomic conditions, the Company is adopting a cautious expansion programme and is maintaining its strong financial position in order to take advantage of the right opportunities at the right time and at the right price, which the Directors believe will present themselves in due course. The Board believes that despite the current availability of assets this is not the right time to significantly gear the balance sheet. However, the Board does believe, and this remains the Company's priority, further organic sales growth can be achieved from the existing estate.

 

Trading Estate

The Group currently operates 40 trading sites, with the Bath Cider House (formerly The Nest) due to open in October. A further 2 sites are in legals. We have opened the following sites in 2022:

-     Oyster House, Mumbles

-     The Tivoli, Cambridge

-     Damson & Wilde, Bury St Edmunds

Since my last statement in June, we have continued to invest and maintain our existing estate, upgrading the following pubs:

-     Cliftonville, Cromer: ground floor beverage areas refurbished, terrace area created and a section of bedrooms on 1st floor upgraded

-     Pride of Paddington, London: ground floor refurbishment

-     Alfie's, Winchester: garden overhauled

-     Roundhouse, London: outside terrace area currently being created

Mosaic Investments

We currently have a 37% equity investment in the Mosaic Pub and Dining Group. At a total cost of approximately £4.2 million (value of c.£6.1m), the intention is to take our stake above 50% at the end of the tax year.

Disposals

As announced on 22 March 2022, a portfolio of 6 pubs were sold for a cash consideration of c.£17 million and 1 further lease, Prince Street Social, has also been subsequently disposed of. This has focussed the estate and allows us to concentrate on the key principle trading areas: London, West of England/South Wales and East Anglia, where we have built up strong presence and retail expertise.

 

Financial Highlights

Summary for the 26 weeks ended 26 June 2022:

• Revenue up 194% to £26.1 million (H1 2021: £8.9 million)

• Pre-IFRS 16 adjusted EBITDA* of £3.4 million (H1 2021: (£0.0) million)

• Adjusted profit/(loss) before tax** of £1.3 million (H1 2021: (£2.0) million)

• Reported profit/(loss) of £0.1 million (H1 2021: (£1.3) million)

 

Key Metrics

 




 









Post IFRS 16

Pre IFRS 16

Post IFRS 16

Pre IFRS 16



26 weeks to

26 weeks to

26 weeks to

26 weeks to

Change


26.06.22

26.06.22

27.06.21

27.06.21

Pre IFRS 16


£m

£m

£m

£m

%

Revenue

26.1

26.1

8.9

8.9

194%

Adjusted EBITDA

4.4

3.4

0.9

(0.0)

N/A

Adjusted Profit/(loss) before tax

1.2

1.3

(2.2)

(2.0)

163%

 

Pre-IFRS16 Adjusted earnings before exceptional items, share option charge, interest, taxation, depreciation and amortisation.
 Pre-IFRS16 Adjusted profit / (loss) before tax is the profit / (loss) before tax, share option charge and exceptional items
.

These strong trading figures reflect the hard work everyone at the Company has undertaken to get the business back on track following a challenging start to the year with Omicron, followed by the current high inflation cost environment which continues to be very demanding.  In the face of such challenges the Board is pleased with the progress made in the first half of the year, and these numbers demonstrate the resilience of our business model.

Bank Facilities

As of today's date, net debt is c.£5.5 million (c.£1.8 million as at 26 June 2022) and the Director's valuation of the estate was c.£150 million at 26 December 2021. Using that valuation as a benchmark, net asset value is c.145p per share.

We have undrawn credit facilities of £27 million, to be drawn only for the right acquisitions at the right price. We are currently operating comfortably within our banking covenants.

ESG

Following the establishment of the ESG Committee, chaired by Emma Fox, in 2021, the Company made good progress in developing its ESG Strategy and Reporting, to operate as an even more responsible and transparent business. The Company engaged with ESG consultancy, Inspired, to produce its first annual ESG Report, and to report against the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and create a standalone TCFD Report for the first time. Both the ESG Report and TCFD Report are available on the Company's website. As a PLC, the Company also complies with Energy Saving Opportunity Scheme (ESOS) and reports annually under Streamlined Energy and Carbon Reporting (SECR), which enables the Group to assess and report on energy usage, associated emissions, energy efficiency action and energy performance.

The Board agreed to set an ambitious target of being net-zero by 2040, in line with UK Hospitality Roadmap, and the Company will continue to progress its plans to achieve this target and update annually.

The ESG Committee meets at least bi-annually to monitor and evaluate various ongoing projects under the ESG strategy, including:

-     CAPEX and behavioural change energy efficiency project

-     Community engagement initiatives

-     Charitable work

-     Mandatory and voluntary ESG reporting

-     Development of ESG policies

-     Stakeholder engagement with the Company's ESG journey

Share Buybacks/Dividends

The Board intends to commence a share buyback programme of up to £3 million as it believes the share price does not reflect the value of the Company.

The Board believes that share buybacks are, at this time, a more-effective way of creating shareholder value than dividends and therefore the buyback programme will be instead of a dividend.

A subsequent announcement will be made in the coming weeks. When the Company's share price returns to a level which the Board believe is more reflective of the value of the business, the Company expects to return to paying dividends.

 Industry Issues

As we have moved on from the ravages of Covid, we now face the challenges of inflation, and particularly energy costs. We welcome the Government's recent announcement helping to offset some of these rises, but much damage has already been inflicted on the sector with energy costs continuing to threaten the hospitality industry. We have worked hard on reducing our energy consumption and we will continue to do so.

Other challenges include rising food prices, rising labour cost and rising construction costs. We delayed increasing prices of our food and rooms in our pubs, but have recently had to modestly increase rates to offset some of the increasing costs. Labour shortages continue to be a challenge for our sector in particular, and we would urge Government to consider issuing more 2-3-year work visas to alleviate these shortages.

We also continue to call for reform of the Business rates system. This kind of taxation needs to be reformed quickly to prevent further shrinkage and reduction of the number of retail outlets. The pub remains an important hub of any community and has been continually overtaxed.  If the status quo continues there will be fewer and fewer pubs in this country as the lack of profitability of many will force closure.

Outlook

The Group is in its strongest financial position since inception, with very low bank borrowings and low financial commitments due to the largely freehold nature of its estate.  We are totally focussed on running the most efficient business that we can and mitigating as much of the increased costs we are facing to take advantage of the opportunities that will exist in the marketplace as others less fortunate than us seek solutions to their corporate situations. We are monitoring the market more closely than ever before.

 

The culture within City Pub Group is strong, reflecting the hard work with management continuing to support our staff and looking at ways to increase support over the challenging months ahead. We introduced weekly bonuses to all staff to help improve their pay as well as encouraging them to engage entrepreneurially.

 

We look forward to the next year when we will be in a position to acquire further shares in Mosaic giving us a majority stake and bringing their estate under our control. Mosaic consists of 9 freeholds and 2 leaseholds and is a high-quality estate similar and complementary to our own.

 

The pub is a resilient and robust part of British life, but pub owners and operators need to continually adapt and evolve to and ever-changing environment. For our part we have recognised that we need to adopt a more entrepreneurial approach to how we retail our pubs and how we further embrace technology. Our head office team will continue to be developed to make sure that it can spot every trend, learn from the best and use every technique to improve retail performance

 

The Board is pleased with the progress the Company has continued to make but recognises that there are still further improvements to be made.  Between now and our trading statement update in January, tangible improvements will be prioritised to achieve a positive impact on our sales levels.

 

Clive Watson

Executive Chairman

21 September 2022

 

 

Consolidated Statement of Profit or Loss

For the 26 weeks ended 26 June 2022

 

 













Unaudited

 

Unaudited


Audited


 




26 weeks ended

 

26 weeks ended


52 weeks ended


 




26 June 2022

 

27 June 2021


26 December 2021


 


Notes

 

£'000

 

£'000


£'000


 










 

Revenue

 

 

26,127

 

8,872


35,364


 

Costs of sales



 (6,285)

 

 (2,228)


 (8,273)


 

Gross profit

 


19,842

 

6,644


27,091


 

Other operating income

2


184

 

4,921


5,084


 

Administrative expenses

 


 (19,350)

 

 (12,623)


 (35,126)


 

Operating profit/(loss)

 


 676

 

 (1,058)


 (2,951)


 










 

Reconciliation to adjusted EBITDA*

 


 





 

 

Operating profit/(loss)



 676

 

 (1,058)


 (2,951)


 










 

Depreciation

7 & 8

 

2,571

 

2,645


4,881


 

Share option charge

 

 

419

 

304


703


 

Exceptional items

3

 

714

 

(954)


3,288

 

 




 

 





 

*Adjusted earnings before exceptional items, share option charge, interest, taxation and depreciation

 


4,380

 

 937


5,921

 

 

 


 





 

 

 









 

Share of losses of associate



(76)

 

-


(78)


 

Other financial items



-

 

-


943


 

Finance costs



 (523)

 

 (512)


 (1,041)


 

Profit/(loss) before tax

 


 77

 

 (1,570)


 (3,127)


 

Tax credit

4


-

 

242


259


 

Profit/(loss) for the period and total comprehensive income

 


 77

 

 (1,328)


 (2,868)


 


 








 

Earnings/(loss) per share

 








 

Basic earnings/(loss) per share (p)

5


0.07

 

(1.28)


 (2.76)


 

Diluted earnings per share (p)

5


0.07

 

n/a


 n/a


 


 








 

  

All activities comprise continuing operations.

 

The accompanying notes are an integral part of these interim financial statements.

 

Consolidated Statement of Comprehensive Income

For the 26 weeks ended 26 June 2022

 




Unaudited

 

Unaudited


Audited




26 weeks ended

 

26 weeks ended


52 weeks ended




26 June 2022

 

27 June 2021


26 December 2021




£'000

 

£'000


£'000









Profit/(loss) for the period

 


77

 

 (1,328)


 (2,868)









Other comprehensive income

 







Items that will not be reclassified to profit or loss

 







Changes in the fair value of equity investments at fair value through other comprehensive income



 (225)

 

-


18








Income tax relating to these items



56

 

-

 (3)

Other comprehensive income for the period, net of tax

 


 (169)

 

-


15









Total comprehensive income for the period

 


 (92)

 

 (1,328)


 (2,853)

















 

All of the total comprehensive income for the period is attributable to the owners of The City Pub Group plc and all arise from continuing operations.

 

The accompanying notes are an integral part of these interim financial statements.

 

Consolidated Statement of Financial Position

As at 26 June 2022

 




Unaudited

 

Unaudited


Audited

 




26 weeks ended

 

26 weeks ended


52 weeks ended

 




26 June 2022

 

27 June 2021


26 December 2021

 

Assets

Notes

 

£'000

 

£'000


£'000

 

Non-current

 







 

Intangible assets

 

 

2,250

 

3,282


2,250

 

Property, plant and equipment

7

 

93,641

 

108,770


107,367

 

Right-of-use assets

8

 

16,354

 

18,442


17,875

 

Deferred tax assets

 

 

1,071

 

745


1,018

 

Financial assets at fair value through OCI

 

 

655

 

4,053


254

 

Investments accounted for using the equity method

 

 

6,068

 

-


4,248

 

Total non-current assets

 

 

120,039

 

135,292


133,012

 

Current

 

 






 

Inventories

 

 

921

 

909


1,048

 

Trade and other receivables

 

 

4,439

 

3,190


3,331

 

Cash and cash equivalents

 

 

3,805

 

9,775


12,510

 

Total current assets

 

 

9,165

 

13,874


16,889

 

Total assets

 

 

129,204

 

149,166


149,901

 

Liabilities

 

 






 

Current liabilities

 

 






 

Trade and other payables

 

 

 (11,758)

 

 (10,146)


 (12,214)

 

Financial liabilities - lease liabilities



 (1,863)


 (2,013)


 (1,912)

 

Total current liabilities

 

 

 (13,621)

 

 (12,159)


 (14,126)

 

Non-current

 

 






 

Borrowings

 

 

 (5,630)

 

 (24,820)


 (24,750)

 

Financial liabilities - lease liabilities



 (15,078)


 (16,892)


 (16,473)

 

Deferred tax liabilities

 

 

 (2,460)

 

 (2,181)


 (2,464)

 

Total non-current liabilities

 

 

 (23,168)

 

 (43,893)


 (43,687)

 

Total liabilities

 


 (36,789)

 

 (56,052)


 (57,813)

 

Net assets

 


92,415

 

93,114


92,088

 

Equity

 







 

Share capital

9


31,276

 

31,275


31,276

 

Share premium

9


59,475

 

59,376


59,475

 

Own shares (JSOP)



 (3,272)

 

 (3,272)


 (3,272)

 

Other reserve



2,434

 

1,770


2,184

 

Retained earnings



2,502

 

3,965


2,425

 

Total equity

 


92,415

 

93,114


92,088

 

 









 

The accompanying notes are an integral part of these interim financial statements

 

 

Consolidated Statement of Changes in Equity

For the 26 weeks ended 26 June 2022



Share capital
£'000

 

Share premium
£'000

 

Own shares (JSOP)

£'000

 

Other reserve
£'000

 

 

Retained earnings
£'000

 

Total
£'000

 














Balance at 27 December 2020 (Audited)

 

31,275


59,303


(3,272)


1,466



5,293


94,065















Employee share-based compensation


-


-


-


304



-


304

Issue of new shares


-


73


-


-



-


73

Transactions with owners

 

-


73


-


304



-


377















Loss for the period


-


-


-


-



 (1,328)


 (1,328)

Total comprehensive income for the period

 

-


-


-


-



 (1,328)


 (1,328)















Balance at 27 June 2021 (Unaudited)

 

31,275


59,376


 (3,272)


1,770



3,965


93,114















Employee share-based compensation


-


-


-


399



-


399

Issue of new shares


1


 99


-


-



-


 100

Transactions with owners

 

1


 99


-


399



-


499















Loss for the period


-


-


-


-



 (1,540)


 (1,540)

Other comprehensive income


-


-


-


15



-


15

Total comprehensive income for the period

 

-


-


-


15



 (1,540)


 (1,525)















Balance at 26 December 2021 (Audited)

 

31,276

 

59,475

 

 (3,272)

 

2,184

 

 

2,425

 

92,088

 














Employee share-based compensation


-


-


-


419



-


419

Transactions with owners

 

-


-


-


419



-


419















Profit for the period


-


-


-


-



 77


 77

Other comprehensive income


-


-


-


(169)



-


(169)

Total comprehensive income for the period

 

-


-


-


(169)



 77


 (92)















Balance at 26 June 2022 (Unaudited)

 

31,276

 

59,475

 

 (3,272)

 

2,434

 

 

2,502

 

92,415

 














 

The accompanying notes are an integral part of these interim financial statements.

 

 

Consolidated Statement of Cashflows

For the 26 weeks ended 26 June 2022



Unaudited

 

Unaudited


Audited



26 weeks ended

 

26 weeks ended


52 weeks ended



26 June 2022

 

27 June 2021


26 December 2021



£'000

 

£'000


£'000

Cash flows from operating activities

 

 





Profit/(loss) for the period

 

 77


 (1,328)


 (2,868)

Taxation


 -


(242)


 (259)

Finance costs


523


512


1,041

Results from equity accounted investment


76


-


78

Associate revaluation


-


-


(943)

Operating profit/(loss)

 

 676


 (1,058)


 (2,951)

Adjustments for:


 





Depreciation


2,571


2,645


4,881

Gain on disposal of property, plant and equipment


-


-


125

Share-based payment charge


419


304


703

Impairment


-


-


3,690

Change in inventories


 127


(206)


(345)

Change in trade and other receivables


 (1,108)


(126)


(571)

Change in trade and other payables


(454)


 1,738


 3,800

Cash generated from operations


2,231


 3,297


9,332

Tax received


-


 -


 651

Net cash generated from operating activities

 

2,231


 3,297


9,983



 





Cash flows from investing activities

 

 





Purchase of property, plant and equipment


 (4,715)


 (1,980)


 (5,493)

Acquisition of new property sites


-


-


(1,600)

Purchase of investments


 (2,522)


(2,744)


 (2,309)

Proceeds from disposal of property, plant and equipment


16,687


-


2,163

Net cash generated from/(used in) investing activities

 

 9,450


 (4,724)


 (7,239)



 





Cash flows from financing activities

 

 





Proceeds from issue of share capital


-


73


73

Repayment of borrowings


(19,151)


 -


 (91)

Principal elements of lease payments


 (648)


 (647)


 (1,416)

Interest paid (includes implied interest under IFRS 16)


 (587)


 (555)


 (1,131)

Net cash used in financing activities

 

 (20,386)


(1,129)


(2,565)



 





Net change in cash and cash equivalents

 

 (8,705)


(2,556)


179

Cash and cash equivalents at the start of the period


12,510


12,331


12,331

Cash and cash equivalents at the end of the period

 

3,805


9,775


12,510








 

 

The accompanying notes are an integral part of these interim financial statements.

 

 

Notes to the Financial Statements

For the 26 weeks ended 26 June 2022

 

1       Basis of preparation

This interim report was approved by the board on 21 September 2022. The interim financial statements are unaudited and are not the Group's statutory accounts as defined in section 434 of the Companies Act 2006.

 

The consolidated interim financial statements have been prepared under IFRS as adopted by the European Union and on the basis of the accounting policies set out in the statutory accounts of The City Pub Group plc, for the period ended 26 June 2022. The financial statements have not been prepared (and are not required to be prepared) in accordance with IAS 34: 'Interim Financial Reporting'. They do not include any of the information required for full annual financial statements and should be read in conjunction with the consolidated financial statements of the Group for the period ended 26 December 2021.

 

Statutory accounts for the period ended 26 December 2021 have been delivered to the Registrar of Companies. These accounts contain an unqualified audit report under Section 495 of the Companies Act 2006, which did not make any statements under Section 498 of the Companies Act 2006.

 

The interim report is presented in Great British Pounds and all values are rounded to the nearest thousand pounds, except where otherwise indicated.

 

This interim report has been prepared in accordance with the AIM Rules issued by the London Stock Exchange.

 

 

2        Other operating income

During the interim period the Group has continued to receive Government grants in relation to grants received from Councils. Further analysis of other operating income

is set out below.

 


Unaudited

 

Unaudited


Audited

 

 


26 weeks ended

 

26 weeks ended


52 weeks ended

 

 


26 June 2022

 

27 June 2021


26 December 2021

 

 



£'000

 

£'000


£'000

 

 

Coronavirus Job Retention Scheme


-

 

2,911


2,972

 

 

Other government grants


184

 

1,010


1,112

 

 

Insurance claim


 -

 

1,000


1,000

 

 



184

 

4,921


5,084

 








 

3        Exceptional items

 


Unaudited

 

Unaudited


Audited

 

 


26 weeks ended

 

26 weeks ended


52 weeks ended

 

 


26 June 2022

 

27 June 2021


26 December 2021

 

 



£'000

 

£'000


£'000

 

 

Pre opening costs


295

 

7


37

 

 

Impairment of a pub site


-

 

-


3,690

 

 

Receivables impairments


89

 

-


-

 

 

Other non recurring items


330

 

39


561

 

 

Insurance claim


 -

 

(1,000)


(1,000)

 

 



 714

 

(954)


3,288

 








For the purposes of this interim announcement and annual report and accounts, Exceptional items are highlighted as part of the use of alternative non-Generally Accepted Accounting Practice ('non-GAAP') financial measures which are not defined within IFRS. The Directors use these measures in order to assess the underlying operational performance of the Group and as such, these measures are important and should be considered alongside the IFRS measures.

 

The insurance claim is recognised within other operating income and all the other exceptional items are recorded within administrative expenses line in the statement of profit or loss.

 

4        Tax charge/(credit) on profit/(loss) on ordinary activities








During the period ended 26 June 2022, deferred tax arising on accelerated capital allowances is considered to be offset by increases in available tax losses and therefore no tax charge or credit has been recognised in the consolidated profit and loss.

 

5        Earnings/(loss) per share

 

 



Unaudited

 

Unaudited


Audited

 



26 weeks ended

 

26 weeks ended


52 weeks ended

 



26 June 2022

 

27 June 2021


26 December 2021

 



£'000

 

£'000


£'000

 

Earnings/(loss) for the period attributable to Shareholders







 


77

 

 (1,328)


 (2,868)

 



 





 

Earnings/(loss) per share:

 

 





 

Basic earnings/(loss) per share (p)


0.07

 

 (1.28)


 (2.76)

 

Diluted earnings per share (p)


 0.07

 

 n/a


 n/a

 



 





 

Weighted average number of shares:

 

Number of shares

 

Number of shares


Number of shares

 





 

Weighted average shares for basic EPS


103,868,430

 

103,764,494


103,795,354

 

Effect of share options in issue


5,054,524

 

n/a


n/a

 

Weighted average shares for diluted earnings per share


108,922,954

 

n/a


n/a



 

 





6        Dividends

 

The Directors did not propose a dividend in relation to the year ended 26 December 2021 due to the Coronavirus pandemic (2020: Nil).

 

7        Property, plant and equipment



Freehold & leasehold property

 

Fixtures, fittings and computers

 


Group

 








Total

Cost

 

£'000

 

£'000

 

£'000

At 27 December 2020 (Audited)

 

96,782


31,464


128,246

Additions

 

1,155


869


2,024

Disposals


-


(20)


(20)

At 27 June 2021 (Unaudited)

 

97,937

 

32,313

 

130,250

Additions


250


3,309


3,559

Acquisitions


1,600


50


1,650

Disposals


 (3,175)


(725)


 (3,900)

At 26 December 2021 (Audited)

 

96,612

 

34,947

 

131,559

Additions


1,169


3,610


4,779

Disposals


(17,121)


 (2,982)


 (20,103)

At 26 June 2022 (Unaudited)

 

80,660

 

35,575

 

116,235

 







Depreciation

 






At 27 December 2020 (Audited)

 

5,374


14,299


19,673

Provided during the period

 

372


1,455


1,827

Disposals


-


(20)


(20)

At 27 June 2021 (Unaudited)

 

5,746

 

15,734

 

21,480

Provided during the period


215


1,248


1,463

Impairment


967


1,582


2,549

Disposals


(921)


(379)


(1,300)

At 26 December 2021 (Audited)

 

6,007

 

18,185

 

24,192

Provided during the period


423


1,397


1,820

Disposals


(1,294)


 (2,124)


 (3,418)

At 26 June 2022 (Unaudited)

 

5,136

 

17,458

 

22,594

 







Net book value

 






At 26 June 2022 (Unaudited)

 

75,524

 

18,117

 

93,641

At 26 December 2021 (Audited)


90,605


16,762


107,367

At 27 June 2021 (Unaudited)


92,191


16,579


108,770

At 27 December 2020 (Audited)


91,408


17,165


108,573








 

8        Right-of-use assets

 



Right-of-use assets



Cost

 

£'000

At 27 December 2020 (Audited)

 

21,200

Additions

 

-

Disposals

 

(418)

At 27 June 2021 (Unaudited)

 

20,782

Additions

 

1,192

Disposals

 

(1,222)

Impairment

 

(59)

At 26 December 2021 (Audited)

 

20,693

Additions

 

 -

Disposals

 

(842)

Impairment

 

-

At 26 June 2022 (Unaudited)

 

19,851

 



Depreciation

 


At 27 December 2020 (Audited)

 

1,635

Provided during the period


818

Disposals


(113)

At 27 June 2021 (Unaudited)

 

2,340

Provided during the period

 

773

Disposals

 

(295)

At 26 December 2021 (Audited)

 

2,818

Provided during the period

 

751

Disposals

 

 (72)

At 26 June 2022 (Unaudited)

 

3,497

 



Net book value

 


At 26 June 2022 (Unaudited)

 

16,354

At 26 December 2021 (Audited)


17,875

At 27 June 2021 (Unaudited)


18,442

At 27 December 2020 (Audited)


19,565




The disposal during the current period relates to Brighton Beach Club, and therefore no ongoing ROU asset required.

 

9        Share capital

 

There have been no changes in share capital during the period.

 

 

10      Events after the reporting period

 

-       Disposal of Prince St Social on 30 July 2022 for consideration of £54,863, giving a gain on disposal of £23,200.

 

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